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Slideshow Images of September Follow Reuters Facebook Twitter RSS YouTube Read Democrats frustrated by Obama's "Big Bird" campaign turn 10 Oct 2012 Gunmen kill Yemeni who worked at U.S. embassy in Yemen | 3:27pm EDT A diamond bigger than Earth? 4:42pm EDT Turkey says Syrian plane carried Russian munitions | 4:03pm EDT Russia says it will not renew arms agreement with U.S. 10 Oct 2012 Discussed 155 Weak U.S. labor market looms ahead of elections 138 Democrats frustrated by Obama’s ”Big Bird” campaign turn 130 Romney to draw contrast with Obama on foreign policy Sponsored Links Mexico passes law to combat cartel money laundering Tweet Share this Email Print Related News Mexico says it killed top Zetas drug lord but body snatched Tue, Oct 9 2012 Mexico says marines may have killed top Zetas drug lord Tue, Oct 9 2012 Son of ex-Mexican opposition party chief shot dead Thu, Oct 4 2012 Pablo Escobar T-shirts a hit in Mexico drug war states Tue, Oct 2 2012 Analysis: Mexican labor reform signals battles ahead for Pena Nieto Tue, Oct 2 2012 Analysis & Opinion It’s time to eliminate anonymous shell companies Can securitization save medical R&D? Related Topics World » Mexico Election » By Tomas Sarmiento and Miguel Gutierrez MEXICO CITY | Thu Oct 11, 2012 4:43pm EDT MEXICO CITY (Reuters) - Mexico's Congress on Thursday approved a long-awaited law to crack down on money laundering in a bid to attack the finances of the country's powerful drug cartels. The law, proposed two years ago by President Felipe Calderon as part of his offensive against drug gangs, was passed by the Senate on Thursday. The lower house passed it earlier this year. The new federal law puts restrictions on cash purchases of real estate, jewelry, armored cars and other assets that criminals use to launder illicit funds. Companies will be required to report large cash purchases under the law. "There is an outcry from society to weaken the financial structures of organized crime, and that is what this law is about," said Senator Roberto Gil, a member of Calderon's conservative National Action Party. Nearly 60,000 people have been killed since Calderon launched a military-led assault against drug cartels after taking office in late 2006. Dozens of drug lords have been killed or captured since then, but Calderon and the country's lawmakers have been criticized for not doing enough to attack cartel finances. "We have to stem the flow of dirty money in Mexico, which has been the main driver of the growing violence in the country," said Senator Arturo Zamora from the Institutional Revolutionary Party (PRI). President-elect Enrique Pena Nieto, who will return the PRI to power when he takes office in December, has said he will fine-tune the strategy to reduce violent crime linked to the drug war. The bill now goes to Calderon's office for ratification, but is only set to take effect nine months later to give authorities time to prepare to enforce the law. Zamora said estimates for the amount of illegal funds laundered in Mexico range from around $10 billion a year to as high as $45 billion. (Writing by Gabriel Stargardter; Editing by Michael O'Boyle, Simon Gardner and Cynthia Osterman) World Mexico Election Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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